Collectively, Wall Street analysts have issued more than 12,000 individual ratings on stocks in the S&P 500. By aggregating the median fair value estimates on every company, FactSet Research builds what is known as a "bottom-up" target price for the entire index.

U.S. stock indexes are edging lower on a relatively quiet Wall Street. The S&P 500 slipped by 0.2%, a day after setting an all-time high.

Microsoft was the strongest force pushing the S&P 500 upward. It rose 1.3% after saying it had developed what it calls the world’s first “quantum processing unit,” which cou